I thought it was the network interface cards (wired and wireless) that were associated with the MAC addresses.
So depending on the modem, wireless card, router, lan card, etc...they each have their own MAC addresses.
So you could switch up all the hardware in your house and you'd have all different MAC addresses.
By registering the modem's MAC address to the ISP, then if anything were to go wrong with the modem it would be a hassle to switch up the modem and also the MAC address residing on the server.
Sounds rather inefficient to me.